Headline Roundup • June 3rd, 2024
NYSE Says Glitch Caused Berkshire Hathaway Stock to Appear Down 99%
Summary from the AllSides News Team
A technical glitch in the New York Stock Exchange resulted in Berkshire Hathaway's stock price briefly plummeting Monday morning, leading to a temporary halt in trading of the stock.
Key Quote: The New York Stock Exchange released a statement reading, “A technical issue with industry-wide price bands published by the CTA SIP triggered halts in a number of stocks listed on the NYSE Group exchanges this morning. Impacted stocks have since reopened (or are in the process of reopening) and the price bands issue has been resolved.”
Details: During the glitch, Warren Buffett’s holding company Berkshire Hathaway, which opened the day with individual A class stocks selling for above $600,000, briefly experienced a 99.97% drop in share price, with shares sold for as low as $185.10. Experts indicated that any trades made during the price glitch would be invalidated. Other stocks, including AMC Entertainment, Chipotle and GameStop, were also reportedly impacted by the glitch.
How the Media Covered It: Outlets across the spectrum covered the glitch mildly. While no official cause of the glitch was reported, outlets connected the error with the return of Keith Gill, known online as ‘Roaring Kitty,’ who rose to prominence for his investment in GameStop stock in 2021. Over the weekend, Gill revealed that he still has a large amount of GameStop stock. This sparked a new wave of interest in the stock. Fox Business (Lean Right bias) reported that trading halts can occur “when there is excess buying or selling.”
Featured Coverage of this Story
Michael M. Santiago / Getty Images file
Normal trading resumed late Monday morning after the New York Stock Exchange said a technical issue had led to large fluctuations in the prices displayed for certain stocks, including Warren Buffett's Berkshire Hathaway.
A little after 11 a.m. ET, the NYSE said the issue involved the market's main electronic stock price publisher, but that most stocks had since reopened or were in the process of reopening.
“Shortly before noon, the issue was resolved and trading in the impacted stocks resumed,” the exchange said in a statement. “The NYSE is reviewing...
Getty Images
The New York Stock Exchange on Monday morning said it resolved a technical problem that resulted in the halt of trading in stocks of several high-profile companies, including Class A shares of Warren Buffett’s Berkshire Hathaway Inc.
The shares resumed trading before midday Monday after a lengthy trading halt that appeared to show them changing hands for as low as $185.10, a drop of 99.97%. Experts said any trades actually executed at that level would almost certainly be invalidated.
Trading in the Berkshire shares BRK.A, 0.59% was halted at 9:50...
The New York Stock Exchange experienced a technical glitch impacting a handful of stocks, including Barrick Gold and Warren Buffett's Berkshire Hathaway, which was shown to be down nearly 100% before the issue was fixed shortly before noon Eastern time.
"A technical issue with industry-wide price bands published by the CTA SIP triggered halts in a number of stocks listed on the NYSE Group exchanges this morning. Impacted stocks have since reopened (or are in the process of reopening) and the price bands issue has been resolved," the exchange said.
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